Live And Work In Downtown Los Angeles
Downtown Los Angeles continues to be the destination for upwardly mobile “urbanites”! L.A. LIVE brought new glamor to downtown. The Primetime Emmy® Awards have made the Nokia Theater at L.A. LIVE its new home. “Red carpet” film premiere events are routinely featured outside the theater on Nokia Plaza, which sits across the street from a different set of celebrities: the athletic stars of the Los Angeles Lakers, the Los Angeles Sparks, the Los Angeles Clippers and the Los Angeles Kings teams, who call Staples Center home. “The future of downtown Los Angeles is not professional services — it’s entertainment, it’s bars, it’s restaurants,” said José Huizar,1 the City Council member representing the downtown area.
From 1993-2013 over $17 billion has been invested into downtown real estate with $6 billion in residential and another $5 billion of mixed use that includes residential units. Los Angeles is one of the “Sexy Six” markets for multifamily developments, the other
five being Boston, New York, San Francisco, Seattle and Washington, DC. The demand for multifamily units in downtown Los Angeles is related in large part to the rise in entertainment, retail, dining and other amenities now available. The transformation of downtown Los Angeles has been driven in part by the increase in residents who want to live, eat and shop close to where they work. “Downtown L.A. is a great example because it’s under transformation, urban living is on the rise, it’s culturally vibrant, and the residential market is undersupplied,” said I‑Fei Chang, CEO of Greenland USA, the developer of the Metropolis complex just south of the Financial District. The demographics of downtown Los Angeles residents are attractive. The median age is 34, and the average income of $98,700 is nearly double the national figure. Approximately 90% of them are employed. More than half the residents live and work downtown, and approximately 42% of them have at least one pet.
In 2015 DTLA had over 6,000 new residential units under construction and 13,000+ units proposed. With likely rising interest rates and inflation on the horizon now is the perfect time to consider investing in the Downtown LA Lifestyle!
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